29.04.2015
ElringKlinger AG DE0007856023
DGAP-Adhoc: ElringKlinger lifts revenue to EUR 371 million in Q1 2015 based on preliminary figures
ElringKlinger AG / Key word(s): Preliminary Results
29.04.2015 07:55
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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ElringKlinger lifts revenue to EUR 371 million in Q1 2015 based on
preliminary figures
- Revenue increases by 14.6% - organically by 5.7% - to EUR 371.4 million
- Adjusted EBIT before purchase price allocations (EUR 1.3 million) at
EUR 36.7 million
- Outlook for 2015: organic revenue growth of 5 to 7% plus acquisitions;
adjusted EBIT of around EUR 165 million before purchase price
allocations
Dettingen/Erms (Germany), April 29, 2015 +++ Based on preliminary
figures, the ElringKlinger Group managed to increase sales revenue by 14.6%
in the first quarter of 2015, taking the figure to EUR 371.4 (324.0)
million. At an organic level, i.e. without the effects of acquisition and
currency translation, growth totaled 5.7%. Thus, ElringKlinger again
outperformed the global vehicle markets in terms of growth. The company
benefited in particular from significant structural growth in many of its
product groups targeted at CO2 reduction.
The first-time consolidation of M&W Manufacturing Company, Inc., Warren/USA
(M&W), as from February 14, 2015, contributed additional revenue of EUR 4.9
million. The entity's earnings before interest and taxes (EBIT) totaled EUR
0.6 million (including purchase price allocation of EUR 0.3 million).
The Group EBIT figure for the first quarter of 2015 was EUR 35.4 (42.1)
million. Before purchase price allocations (EUR 1.3 million), EBIT amounted
to EUR 36.7 (43.0) million, thus falling short of the prior-year figure.
The comparative base of the Exhaust Gas Purification division (Hug) was
extremely high in the first quarter of the previous financial year, which
has to be taken into account in a year-on-year comparison. In the first
quarter of 2014, Hug - buoyed by billings relating to two major projects -
had contributed earnings before interest and taxes of EUR 7.6 million on
the back of revenue of EUR 20.7 million. In the first quarter of 2015, by
contrast, Hug generated revenue of EUR 12.2 million. In addition, EBIT was
diluted by the sudden appreciation of the Swiss franc against the euro. Due
to the higher cost base, the Swiss subsidiary Hug didn't make a
contribution to earnings in the first quarter of 2015. The strength of the
Swiss franc also had an impact on ElringKlinger Abschirmtechnik,
Switzerland, in the first quarter of 2015, albeit to a lesser extent that
in the case of Hug. In total, the appreciation of the Swiss franc diluted
Group EBIT by around EUR 2.5 million.
Business in the Original Equipment segment of the ElringKlinger Group was
characterized by extremely high capacity utilization during the first
quarter of 2015. Individual divisions within this segment recorded a
disproportionately large surge in demand. This necessitated the
introduction of extra shifts and production runs, thus additionally pushing
the cost base up by around EUR 4 million.
Additionally, the staff profit-sharing bonus agreed for employees at
ElringKlinger AG, ElringKlinger Kunststofftechnik GmbH and Elring Klinger
Motortechnik GmbH in respect of the 2014 financial year had an impact on
earnings in the first quarter of 2015, as did the wage increase of 2.2%
that has been in effect since May 1, 2014, and the one-off payment of EUR
150 per employee in March 2015, as stipulated under the collective
agreement. This resulted in additional staff costs of around EUR 2.5
million in total.
The EBIT margin (before purchase price allocations) thus stood at just
under 10% (13.3 %). In addition to being impacted by the factors outlined
above during the first quarter of 2015, the EBIT margin was diluted by the
full consolidation of ElringKlinger Marusan Corporation, Japan, (around 0.3
percentage points) as well as the persistently sluggish performance of the
E-Mobility division (around 0.6 percentage points). Additionally, the Group
incurred start-up costs in connection with the commencement of serial
production - scheduled for the second quarter of 2015 - of pioneering
hybrid polymer-metal components. This will contribute to improved margins
as from 2016.
Earnings before taxes were higher than EBIT in the first quarter 2015,
having benefited from positive foreign exchange effects accounted for in
the Group's net finance result, and totaled EUR 38.9 (39.5) million.
Order intake up 23%
Order intake developed well in the first quarter of 2015, rising by 25.0%
to EUR 414.0 (331.2) million. On an organic basis, i.e. excluding the
entity formerly known as M&W, order intake rose by 22.9% to EUR 407.1
million. Order backlog as of March 31, 2015, thus totaled EUR 730.8 (602.6)
million.
Outlook 2015
ElringKlinger anticipates that global automobile production will expand by
around 2% in 2015. Based on this assumption, the Group is targeting organic
revenue growth of 5 to 7%. Additionally, the consolidation of ElringKlinger
Automotive Manufacturing (M&W) will contribute around EUR 30 million to
Group revenue in the financial year as a whole.
Against the backdrop of the Group's business performance in the first
quarter of 2015, ElringKlinger has already initiated measures aimed at
optimizing its earnings situation. The Group expects to achieve improved
earnings in the second half of 2015. EBIT, before purchase price
allocations and adjusted for non-recurring items, is expected to reach
around EUR 165 million in 2015 as a whole (previously: EUR 170 to 180
million). The E-Mobility division is unlikely to see a fundamental
improvement in its performance.
________________________________________________________________________
An explanatory conference call is scheduled to take place today, April 29,
2015 (at 10 a.m.), in connection with the publication of the Group's
preliminary results for the first quarter of 2015. The full announcement of
the definitive results for the first quarter of 2015 is scheduled for May
6, 2015.
_________________________________________________________________________
Contact:
For further information, please contact:
ElringKlinger AG - Investor Relations/Corporate PR
Sabrina Haufler
Max-Eyth-Straße 2
72581 Dettingen/Erms
Tel.: +49 (0)7123-724-137
E-Mail: [email protected]
29.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-0
Fax: 071 23 / 724-9006
E-mail: [email protected]
Internet: www.elringklinger.de
ISIN: DE0007856023
WKN: 785602
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Munich
End of Announcement DGAP News-Service
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